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Mar 31, 2024
Rackspace Q1 2024 Earnings Report
Rackspace's first quarter 2024 results were reported, showing a decrease in revenue compared to the previous year, but exceeding the high-end of guidance for revenue, operating profit, and EPS.
Key Takeaways
Rackspace Technology reported a 9% year-over-year decrease in revenue, totaling $691 million for Q1 2024. The company's Private Cloud revenue was $268 million, a 15% decrease year-over-year, while Public Cloud revenue was $422 million, a 5% decrease year-over-year. The company's Non-GAAP Loss Per Share was $(0.11) in the first quarter of 2024, a decrease of 450% as compared to Non-GAAP Loss Per Share of $(0.02) in the first quarter of 2023.
Revenue for the first quarter was $691 million, a 9% decrease year-over-year.
Private Cloud revenue decreased by 15% to $268 million.
Public Cloud revenue decreased by 5% to $422 million.
Non-GAAP Operating Profit was $16 million, a 68% decrease compared to $51 million in the first quarter of 2023.
Rackspace
Rackspace
Rackspace Revenue by Segment
Revenue by Segment
Public Cloud Revenue
CapyFin.comPrivate Cloud Revenue
CapyFin.com Forward Guidance
Rackspace Technology provided guidance for Q2 2024 including total revenue between $668 and $678 million, Private Cloud revenue between $260 and $265 million, Public Cloud revenue between $408 and $413 million, and Non-GAAP Loss Per Share between $(0.09) and $(0.11).
Revenue & Expenses
Visualization of income flow from segment revenue to net income